#RussiaAfricaSummit: Putin Writes Off Over $20bn In Debt Accumulated By Africa

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Russian President Vladimir Putin has written off more than $20 billion in debt accumulated by African countries over time and during the Soviet era.

This was announced on Wednesday by Putin during the Russian-African Summit taking place in Sochi, Russia, 23rd and 24th October 2019.

“It was not only an act of generosity, but also a manifestation of pragmatism, because many of the African states were not able to pay interest on these loans,” Putin told TASS.

While addressing the Russia-Africa Summit, he called for trade between Russia and African countries to be doubled in the next four to five years.

Putin also said that Russia intends to increase its presence in Africa at state level.

This first-ever Russia-Africa Summit brought more than 50 African leaders to Sochi.

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